Struggling Woolworths has appointed another Asda man.
Former marketing director Steve Johnson will take up the reins as its chief executive on 1 September, replacing Trevor Bish-Jones who had been in the post for six years.
One of the toughest jobs in retail, Woolworths hopes 44-year-old Johnson will revitalise the company, just as he did at Focus DIY.
“With his strong background in retail and consultancy, together with his experience in achieving a turnaround at Focus, he brings the strategic and operational skills the group needs,” said Richard North, chairman of Woolworths.
Executive director Tony Page, formerly non-food trading director at Asda, was tipped for the top position, but North said: “Steve will add tremendous value, leading our strong operational management teams in both the retail and distribution businesses.”
Woolworths, which owns 800 stores, wholesale arm EUK and publisher 2 Entertain, has lost two thirds of its market value in the past year and may barely break even this year after a bleak profit warning.
Johnson could reportedly earn up to £9m over the next four years if he hits his targets, which may help explain his enthusiasm. “Woolworths is a well-loved high-street brand, operating in attractive markets, while the EUK and 2 Entertain businesses have grown to hold market-leading position in their respective markets,” said Johnson.
“Along with the rest of the Woolworths team, I will focus on value creation for all stakeholders,” he added.
Johnson worked for Asda between 1993 and 2000 in several roles and has taken a year’s break after masterminding the sale of Focus DIY to private equity company Cerberus for just £1.
As The Grocer went to press on Thursday, the Woolworths share price fell to 6.5p.
Former marketing director Steve Johnson will take up the reins as its chief executive on 1 September, replacing Trevor Bish-Jones who had been in the post for six years.
One of the toughest jobs in retail, Woolworths hopes 44-year-old Johnson will revitalise the company, just as he did at Focus DIY.
“With his strong background in retail and consultancy, together with his experience in achieving a turnaround at Focus, he brings the strategic and operational skills the group needs,” said Richard North, chairman of Woolworths.
Executive director Tony Page, formerly non-food trading director at Asda, was tipped for the top position, but North said: “Steve will add tremendous value, leading our strong operational management teams in both the retail and distribution businesses.”
Woolworths, which owns 800 stores, wholesale arm EUK and publisher 2 Entertain, has lost two thirds of its market value in the past year and may barely break even this year after a bleak profit warning.
Johnson could reportedly earn up to £9m over the next four years if he hits his targets, which may help explain his enthusiasm. “Woolworths is a well-loved high-street brand, operating in attractive markets, while the EUK and 2 Entertain businesses have grown to hold market-leading position in their respective markets,” said Johnson.
“Along with the rest of the Woolworths team, I will focus on value creation for all stakeholders,” he added.
Johnson worked for Asda between 1993 and 2000 in several roles and has taken a year’s break after masterminding the sale of Focus DIY to private equity company Cerberus for just £1.
As The Grocer went to press on Thursday, the Woolworths share price fell to 6.5p.
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